Homework Help is Here – Start Your Trial Now!
Business
Accounting
The transactions of Spade Company appear below. a. K. Spade, owner, invested $12,750 cash in the company in exchange for common stock. b. The company purchased supplies for $370 cash. c. The company purchased $7,051 of equipment on credit. d. The company received $1,505 cash for services provided to a customer. e. The company paid $7,051 cash to settle the payable for the equipment purchased in transaction c. f. The company billed a customer $2,703 for services provided. g. The company paid $515 cash for the monthly rent. h. The company collected $1,135 cash as partial payment for the account receivable created in transaction f. i. The company paid a $1,200 cash dividend to the owner (sole shareholder). Prepare the Trial Balance. Use May 31 as its report date. Note: Hint: Accounts must be listed in financial statement order: Assets first, followed by liabilities, equity, revenues and expenses.

The transactions of Spade Company appear below. a. K. Spade, owner, invested $12,750 cash in the company in exchange for common stock. b. The company purchased supplies for $370 cash. c. The company purchased $7,051 of equipment on credit. d. The company received $1,505 cash for services provided to a customer. e. The company paid $7,051 cash to settle the payable for the equipment purchased in transaction c. f. The company billed a customer $2,703 for services provided. g. The company paid $515 cash for the monthly rent. h. The company collected $1,135 cash as partial payment for the account receivable created in transaction f. i. The company paid a $1,200 cash dividend to the owner (sole shareholder). Prepare the Trial Balance. Use May 31 as its report date. Note: Hint: Accounts must be listed in financial statement order: Assets first, followed by liabilities, equity, revenues and expenses.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Topic Video
Question

Hansaben 

! Required information [The following information applies to the questions displayed below.] The transactions of Spade Company appear below. a. K. Spade, owner, invested $12,750 cash in the company in exchange for common stock. b. The company purchased supplies for $370 cash. c. The company purchased $7,051 of equipment on credit. d. The company received $1,505 cash for services provided to a customer. e. The company paid $7,051 cash to settle the payable for the equipment purchased in transaction c. f. The company billed a customer $2,703 for services provided. g. The company paid $515 cash for the monthly rent. h. The company collected $1,135 cash as partial payment for the account receivable created in transaction f. i. The company paid a $1,200 cash dividend to the owner (sole shareholder). Prepare the Trial Balance. Use May 31 as its report date. Note: Hint: Accounts must be listed in financial statement order: Assets first, followed by liabilities, equity, revenues and expenses.
Transcribed Image Text:! Required information [The following information applies to the questions displayed below.] The transactions of Spade Company appear below. a. K. Spade, owner, invested $12,750 cash in the company in exchange for common stock. b. The company purchased supplies for $370 cash. c. The company purchased $7,051 of equipment on credit. d. The company received $1,505 cash for services provided to a customer. e. The company paid $7,051 cash to settle the payable for the equipment purchased in transaction c. f. The company billed a customer $2,703 for services provided. g. The company paid $515 cash for the monthly rent. h. The company collected $1,135 cash as partial payment for the account receivable created in transaction f. i. The company paid a $1,200 cash dividend to the owner (sole shareholder). Prepare the Trial Balance. Use May 31 as its report date. Note: Hint: Accounts must be listed in financial statement order: Assets first, followed by liabilities, equity, revenues and expenses.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting Equation
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS